Better Misses Q3 Revenue and EBITDA Guidance; Proxy Fight Cost $8M
BETR is trading near its 52-week low of $7.513 (9.1% above the low) on elevated volume (2.7× avg).
Summary
Better Home & Finance reported preliminary Q3 2026 results with revenue and Adjusted EBITDA below guidance, citing $8M in proxy-fight costs. Loan volume of $1.395B was within guidance, and the company expects the UK Bank sale to add $65M in cash in Q1 2027.
Key Events · Earnings and Guidance · BETR
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Q3 Revenue and EBITDA Miss Guidance
Preliminary Q3 2026 Total Net Revenues were $45.1M, below guidance of $49.0M-$52.0M. Adjusted EBITDA loss was $24.8M-$25.8M, versus guidance for a $15.0M-$18.0M loss.
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Proxy Fight Costs $8M
Approximately $8.0M of proxy-related legal and PR expenses were incurred in Q3. Excluding these, Adjusted EBITDA loss would have been approximately $17.8M, within the original guidance range.
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Loan Volume Within Guidance
Preliminary Q3 Loan Volume was $1.395B, within the previously issued guidance range of $1.375B to $1.525B, up 15.3% year over year but down 16.3% sequentially.
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Liquidity and UK Bank Sale
Cash and cash equivalents were $81M with $9M in restricted cash. The company expects the sale of its UK Bank in Q1 2027 to generate an additional $65M of cash, with $75M in unencumbered tangible equity currently held there.
Analysis · BETR · Finance
Preliminary Q3 2026 results from Better Home & Finance show revenue of $45.1M and an Adjusted EBITDA loss of $24.8M-$25.8M, both falling short of prior guidance. Roughly $8M of the shortfall is tied to proxy-related legal and PR expenses from the boardroom battle with founder Vishal Garg. Excluding those costs, the Adjusted EBITDA loss would have been approximately $17.8M, within the original guidance range. The results come amid a successful consent solicitation that removed five directors and a Nasdaq non-compliance notice giving the company until November 27 to submit a compliance plan. Management is targeting Adjusted EBITDA breakeven by year-end and expects the UK Bank sale to add $65M in cash in Q1 2027.
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At the time of this filing, BETR was trading at $8.19 on NASDAQ in the Finance sector, with a market capitalization of approximately $154.4M. The 52-week trading range was $7.51 to $92.69. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.